Usha Thankachan v. Syndicate Bank

IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR WEDNESDAY, THE 23RD DAY OF SEPTEMBER 2015/1ST ASWINA, 1937 WP(C).No. 28809 of 2015 (A) -------------------------------------------- PETITIONER(S):

-------------------------- USHA THANKACHAN AGED 52 YEARS W/O. LATE THANKCHAN, LEELA SADAN, BHAVANS SOUTH ROAD ELAMAKKARA PO, KOCHI - 26 BY ADV. SMT.E.V.MOLY RESPONDENT(S):

---------------------------- SYNDICATE BANK, MG ROAD, ERNAKULAM REPRESENTED BY ITS AUTHORISED OFFICER - 682 035 R BY SRI.R.S. KALKURA, SC, SYNDICATE BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23-09-2015, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C).No. 28809 of 2015 (A) -------------------------------------------- APPENDIX PETITIONER'S EXHIBITS:- --------------------------------------- EXHIBIT P1 TRUE COPY OF THE POSSESSION NOTIE DATED 09.09.2015 RESPONDENT'S EXHIBITS:- --------------------------------------- NIL // True copy // PA to Judge das

A.K.JAYASANKARAN NAMBIAR, J.

=========================================== W.P.(C). No. 28809 of 2015 ===================================================== Dated this the 23rd day of September, 2015

JUDGMENT

The petitioner, who had availed a housing loan from the respondent bank, defaulted in repayment of the same. Consequently, the respondent bank initiated proceedings under the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act', to recover the loan amounts. Ext.P1 is the notice issued to the petitioner under Section 13(2) of the SARFAESI Act. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.

2.

I have heard the learned counsel appearing on behalf of the petitioner as also the learned Standing Counsel appearing on behalf of the respondents.

3.

On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer of the petitioner is to permit her to remit the balance amounts outstanding to the bank in easy installments. Taking into account the plea of financial hardship raised by the petitioner, I

-2W.P.(C). No. 28809 of 2015 dispose the writ petition with the following directions:- (i) The total overdue amount, in respect of the loan, is stated to be Rs.1,35,000/- together with accrued interest. Accordingly, if the petitioner remits the aforesaid amount of Rs.1,35,000/- together with accrued interest in six equal and successive monthly installments commencing from 15.10.2015, and continues to keep up the regular installment payments as per the original loan schedule, then the recovery steps initiated against her by the respondent bank shall be kept in abeyance.

(ii) It is made clear that if the petitioner commits a default in respect of any of the installments, she will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against her from the stage at which they presently stand.

Sd/- A.K.JAYASANKARAN NAMBIAR JUDGE das